09:45 BSC Bear Stearns dives lower intraday below Tuesday's reaction low of 55.42 (54.74 -6.84) -Update- -Technical-
Faber says he was around for Drexel. People stop doing business w/ Bear, 'it could end in an hour' I'd rather see them suffer a bit first. They cleared for every friggin' piece of scum every to grace Maggot Mile.
"Lord Jesus, Mohammed, Buddah (I"m covering all bases), please let the Bear Stearnes be naked shorted out of business. Please, Sweet Jesus, let Stock Lemon and Mark Cuban and Joe Shit the Ragman put out negative news stories after they've loaded up. Please, please let these lowlife bastards feel the sting of thy rath (rath?) So the rest of these motherfuckers can see if they don't straighten their act up, this will happen to them. Amen. OH yeah, could you like tip me off to the next big squeeze, and I don't mean Ashley. I don't like her music.
10:05 BSC Bear Stearns: Color on stock action -- stock down another 13% on continued confidence issues (54.50 -7.04) -Update- BSC is showing notable weakness again this morning, with the stock down another 13%, apparently on a continued slide in confidence. A WSJ story today rehashed recent concerns on BSC, noting that traders are being extra cautious when Bear is the counterparty. Then CNBC came out and reiterated the same issues. These concerns are an extension of recent liquidity worries about BSC, which began with rumors swirling on Monday. The BSC saga has continued throughout the week, during which time the stock has lost over 20%, despite public statements of confidence by company officials and the SEC.
I got a call when the stock was a buck forty they were shopping the clearing side. Today, a guy told me one Prime Broker said they're still trying the same thing. He called them "animals", as in, "I'm gonna do business with them animals?" This is a well needed catharsis. These bastards - I'm sure in 'Boiler Room" these guys were the clearing firm for JW Marlin or whatever it was. Other than these little beefs I have, they're a great bunch of fellows 600bb in assets at 33:1 leverage per the WSJ. WTF.
From Reuters: "Bear Stearns' credit default swaps rose to 700 basis points, or $700,000 a year for five years to protect $10 million of debt, up from 580 basis points at Wednesday's close."